Loverings (Combe Martin) Limited 31/01/2022 iXBRL

Loverings (Combe Martin) Limited 31/01/2022 iXBRL

LOVERINGS (COMBE MARTIN) LIMITED - Company Information

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Company registration number: 01876788
Loverings (Combe Martin) Limited
Trading as Loverings Garage
Unaudited filleted financial statements
31 January 2022
LOVERINGS (COMBE MARTIN) LIMITED
DIRECTORS AND OTHER INFORMATION
Directors
Mr J H Lovering
Secretary Mrs R M Lovering
Company number 01876788
Registered office Borough Road
Combe Martin
Ilfracombe
Devon
EX34 0AN
Business address Borough Road
Combe Martin
Ilfracombe
Devon
EX34 0AN
Accountants Westcotts
96 High Street
Ilfracombe
Devon
EX34 9NH
Bankers Nat West Bank plc
41 High Street
Barnstaple
Devon
EX31 1DA
LOVERINGS (COMBE MARTIN) LIMITED
STATEMENT OF FINANCIAL POSITION
31 JANUARY 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 12,951 13,133
_______ _______
12,951 13,133
Current assets
Stocks 110,259 103,104
Debtors 6 20,879 27,015
Cash at bank and in hand 393,541 340,628
_______ _______
524,679 470,747
Creditors: amounts falling due
within one year 8 ( 89,435) ( 73,586)
_______ _______
Net current assets 435,244 397,161
_______ _______
Total assets less current liabilities 448,195 410,294
Provisions for liabilities ( 2,462) ( 2,497)
_______ _______
Net assets 445,733 407,797
_______ _______
Capital and reserves
Called up share capital 50,785 50,785
Capital redemption reserve 9 209,215 209,215
Profit and loss account 9 185,733 147,797
_______ _______
Shareholders funds 445,733 407,797
_______ _______
For the year ending 31 January 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 31 October 2022 , and are signed on behalf of the board by:
Mr J H Lovering
Director
Company registration number: 01876788
LOVERINGS (COMBE MARTIN) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JANUARY 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Loverings (Combe Martin) Limited , Borough Road, Combe Martin, Ilfracombe, Devon, EX34 0AN.
Principal activity
The principal activity of the company is the operation of a garage and selling second hand cars. During 2019/20 it also operated a petrol filling station but this part of the business trade ceased on 6th April 2019.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 15 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Principal activity
The principal activity of the company is the operation of a garage and selling second hand cars. During 2019/20 it also operated a petrol filling station but this part of the business trade ceased on 6th April 2019.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2021: 10 ).
5. Tangible assets
Plant and machinery Total
£ £
Cost
At 1 February 2021 47,778 47,778
Additions 2,156 2,156
Disposals ( 1,020) ( 1,020)
_______ _______
At 31 January 2022 48,914 48,914
_______ _______
Depreciation
At 1 February 2021 34,645 34,645
Charge for the year 2,290 2,290
Disposals ( 972) ( 972)
_______ _______
At 31 January 2022 35,963 35,963
_______ _______
Carrying amount
At 31 January 2022 12,951 12,951
_______ _______
At 31 January 2021 13,133 13,133
_______ _______
6. Debtors
2022 2021
£ £
Trade debtors 18,444 21,673
Other debtors 2,435 5,342
_______ _______
20,879 27,015
_______ _______
7. Cash and cash equivalents
2022 2021
£ £
Cash at bank and in hand 393,541 340,628
Bank overdrafts ( 6,955) -
_______ _______
386,586 340,628
_______ _______
8. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 6,955 -
Trade creditors 17,297 15,500
Accruals and deferred income 34,273 39,408
Social security and other taxes 30,910 18,678
_______ _______
89,435 73,586
_______ _______
9. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.
10. Post balance sheet events
Like other similar businesses in the UK the trade operated by the company has been affected by the COVID-19 pandemic. In our case we have; closed the car sale and workshop for a period putting appropriate staff on to the government return to work retention scheme under furlough. The company has now returned to trading in the normal way with social distancing regulations, it has ample reserves, following government grant support and will continue as a going concern for the foreseeable future.